Question of the Day

Which is the greatest 'witch hunt' in American history?

WASHINGTON (AP) - President Barack Obama says the House’s vote to slap a hefty tax on lavish employee bonuses “rightly reflects the outrage” that so many people feel about insurance giant AIG.

House lawmakers voted decisively Thursday to impose a 90 percent tax on millions of dollars in employee bonuses paid by troubled insurance giant AIG and other bailed-out companies.

Noting that the legislation now moves to the Senate, Obama said he looks forward to receiving a final bill. He said he wants to receive legislation that will send a strong signal to business executives “that such compensation will not be tolerated.”

Obama said in his statement that excessive bonuses are part of a larger problem of valuing “reckless speculation” over hard work.